Two sets of data released early Friday measuring Chinese manufacturing activity pointed to different trends in the local factory sector.

The official purchasing managers index came in at 50.4 in January, slightly lower than December's 50.6 and below the 51.0 estimate from a Dow Jones poll of economists. A reading above 50 indicates an expansion in manufacturing activity.

The final reading on HSBC's purchasing managers index—a survey that is more skewed towards smaller, private companies than the official reading—rose to a two-year high of 52.3 from a preliminary reading of 51.9, up from December's final reading of 51.5.

Stocks across the region took their cue from the disappointing official data, but the more positive data from HSBC, which came out later in the day, prompted some markets to turn positive.

In China, the reaction was mixed, with Hong Kong's Hang Seng Index ending down almost flat, down just a few points at 23721.84, while the Shanghai Composite in mainland China added 1.4% to end at 2419.02.

The Australian dollar fell to US$1.0403 from US$1.0442 before the data was released and failed to recover during the Asian season.

The manufacturing data was China's first economic release of the month, and will be followed by trade and inflation figures at the end of next week.

The other major economic data release due Friday will be U.S. nonfarm payrolls. The employment report will give investors a chance to check on the health of the world's largest economy, just days after the Federal Reserve completed its latest policy meeting, as well as releasing preliminary fourth quarter growth data that surprised on the downside.

The U.S. dollar was higher against the yen on Friday—the greenback pushed above ¥92 for the first time since June 2010, and was at ¥92.19 late in Asia.

The dollar advanced 5.7% against its Japanese counterpart in January, a trend that has proven broadly supportive of stocks in Tokyo.

The Nikkei finished up 0.5% at 11191.34 after a large number of local companies reported on Thursday; the broadly positive news helped push shares higher.

Investors were undecided about how to interpret Honda Motor's latest earnings report, with the company's stock up just 0.3%. On the positive side, the company reported a sharp rise in net profit for the October to December quarter; on the negative side, the company scaled back its full year earnings outlook.

Earnings results were not all positive in Tokyo; cosmetics company Shiseido Co. lost 7.3% after reporting a third-quarter operating profit that undershot several forecasts.

In South Korea, the Kospi was down 0.2% at 1957.79, while the S&P/ASX 200 gained 0.9% in Australia to 4921.10.

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